Tool bits with floating magnet sleeves

ABSTRACT

A tool bit assembly includes a tool bit having a shaft with a first working region disposed at a first end of the shaft and a first reduced diameter portion proximate the working region and disposed between a first shoulder and a second shoulder. A floating sleeve has a rear portion with a pair of opposed window openings, a front portion supporting a magnet, and a pair of balls, with each ball disposed in one of the window openings. The floating sleeve is receivable over the tool bit with the magnet proximate the first working regions and the balls received in the first reduced diameter portion to allow the floating sleeve to move between a first position in which the balls abut the first shoulder and a second position in which the balls abut the second shoulder.

CROSS REFERENCE TO RELATED APPLICATIONS

This application is a continuation-in-part of U.S. application Ser. No.14/285,799, filed May 23, 2014, which is a continuation-in-part of U.S.application Ser. No. 13/967,775, filed Aug. 15, 2013, which is acontinuation-in-part of U.S. application Ser. No. 13/766,135, filed Feb.13, 2013, which claims the benefit of U.S. Provisional Application No.61/599,222, filed Feb. 15, 2012. This application also claims priority,under 35 U.S.C. §119, to Taiwan Utility Model Application No. 103214649,filed Aug. 15, 2014 and Chinese Utility Model Application No.201420463546.6, filed Aug. 15, 2014. The entire disclosures of the aboveapplications are incorporated herein by reference.

TECHNICAL FIELD

The present disclosure relates to tool bits and tool bit holders withfloating magnet sleeves.

BACKGROUND

This section provides background information related to the presentdisclosure which is not necessarily prior art.

Auxiliary chucks for power and hand tools have become increasinglycommon, especially as the need and desirability of wider versatility inthe use of power tools and hand tools has increased. Such auxiliarychucks allow the hand or power tool to be used with any of a number ofinterchangeable bits. This, in turn, has resulted in demands for greaterspeed, convenience and ease of insertion and removal of tool bits fromsuch chucks.

In one exemplary type of such conventional quick-release chucks, one ormore detent balls are positioned within a hollow, barrel-shaped tool bitholder body and are resiliently biased into engagement with acircumferentially-extending groove or recess on the shank of the toolbit. An example of such a ball-type mechanism is disclosed in commonlyassigned U.S. Pat. No. 5,988,957 which is herein incorporated byreference. In other conventional quick release chucks, a spring biasedclip is used to engage the bit within the tool bit holder body. Examplesof the spring biased clip design are disclosed in commonly assigned U.S.Pat. Nos. 7,086,813 and 6,929,266 which are herein incorporated byreference.

SUMMARY

This section provides a general summary of the disclosure, and is not acomprehensive disclosure of its full scope or all of its features.

In ab aspect, a tool bit assembly includes a tool bit having a shaftwith a first working region configured to drive a fastener disposed at afirst end of the shaft. A second working region configured to drive afastener is disposed at a second end of the shaft. A first bit retainingregion is disposed proximate the second working region and is configuredto couple the tool bit to a power tool so that the first working regioncan drive a fastener. A second bit retaining region is disposedproximate the first working region and is configured to couple the toolbit to a power tool so that the second working region can drive afastener. At least one reduced diameter portion is between the firstworking region and the second working region. A floating sleeve has aradially inwardly projecting retention mechanism at a rear end of thesleeve and a magnet at the front end of the sleeve. The floating sleeveis removably and reversibly receivable over the tool bit in a firstorientation and a second orientation. In the first orientation themagnet is proximate the first working region and the retention mechanismis received in the at least one reduced diameter portion to allow thefloating sleeve to move between a first forward position in which themagnet is able to engage a fastener being driven by the first workingregion and a first rearward position in which the magnet is retractedrelative to the first working region. In the second orientation themagnet is proximate the second working region and the retentionmechanism is received in the at least one reduced diameter portion toallow the floating sleeve to move between a second forward position inwhich the magnet is able to engage a fastener being driven by the secondworking region and a second rearward position in which the magnet isretracted relative to the second working region.

Implementations of this aspect may include on or more of the followingfeatures. The retention mechanism may include one of an O-ring, aC-clip, at least one retaining ball, and an inwardly projecting wallportion of the floating sleeve. The retention mechanism may include atleast one ball received in at least one window in the floating sleeveand a spring band received in an annular recess in the sleeve, thespring band biasing the at least one ball radially inward toward thetool bit. The at least one ball pair may include a pair of balls and theat least one window may include a pair of window openings, with eachball received in a different window opening. The magnet may include aring-shaped magnet. The first bit retaining region may include a shankregion of polygonal cross-section disposed between the first workingregion and the at least one reduced diameter portion, and the secondretaining region comprises a shank region of polygonal cross-sectiondisposed between the second working region and the at least one reduceddiameter portion. Each shank region may include an annular groove. Theat least one reduced diameter portion may include a single reduceddiameter portion disposed substantially equidistant between the firstworking region and the second working region. The at least one reduceddiameter portion may include a first reduced diameter portion closer tothe first working region that receives the retention mechanism when thefloating magnet sleeve is in the first orientation and a second reduceddiameter portion closer to the second working region that receives theretention mechanism when the floating magnet sleeve is in the secondorientation. The may include a third reduced diameter portion disposedbetween the first and second reduced diameter portions.

In an aspect, a tool bit assembly includes a tool bit having a shaftwith a first working region disposed at a first end of the shaft andconfigured to drive a fastener. A first shank portion is disposedproximate a second end of the shaft and is configured to couple the toolbit to a power tool. A first reduced diameter torsion zone is disposedcloser to the first working region and has a first shoulder closer tothe first working region and a second shoulder closer to the first shankportion. A second reduced diameter torsion zone is disposed closer tothe first shank portion and has a third shoulder closer to the firstworking region and a second shoulder closer to the first shank portion.An intermediate portion of larger diameter than the first and secondreduced diameter portions is disposed between the second shoulder andthe third shoulder. A floating sleeve has a radially inwardly projectingretention mechanism at a rear end of the sleeve and a magnet at thefront end of the sleeve. The floating sleeve is removably receivableover the tool bit in a first orientation with the magnet proximate thefirst working region and the retention mechanism received in the firsttorsion zone. The floating sleeve may move between a first forwardposition in which the retention mechanism abuts the first shoulder andthe magnet is able to engage a fastener being driven by the firstworking region and a first rearward position in which the retentionmechanism abuts the second shoulder and the magnet is retracted relativeto the first working region.

Implementations of this aspect may include one or more of the followingfeatures. The diameter of the intermediate portion may be substantiallythe same as a diameter of the first shank portion. The first and secondtorsion zones may have substantially equal length. The tool bit mayinclude a second working region disposed at a second end of the shaftand configured to drive a fastener and a second shank portion disposedproximate the first end of the shaft and configured to couple the toolbit to a power tool. The second shank portion may be disposed betweenthe first working region and the first torsion zone and the first shankportion may be disposed between the second working region and the secondtorsion zone. The floating sleeve may be removably receivable over thetool bit in a second orientation with the magnet proximate the secondworking region and the retention mechanism received in the secondtorsion zone such that the floating sleeve may move between a secondforward position in which the retention mechanism abuts the fourthshoulder and the magnet is able to engage a fastener being driven by thesecond working region and a second rearward position in which theretention mechanism abuts the third shoulder and the magnet is retractedrelative to the second working region. The retention mechanism mayinclude at least one ball received in at least one window in thefloating sleeve and a spring band received in an annular recess in thesleeve. The spring band may bias the at least one ball radially inwardtoward the tool bit. The magnet may include a ring-shaped magnet. Thefirst shank portion, the intermediate portion, and at least a portion ofthe first working end region each may have a polygonal cross-section ofa diameter that is greater than the diameters of the first and secondtorsion zones. The intermediate portion may include a first largediameter intermediate portion adjacent the first torsion zone, a secondlarge diameter intermediate portion adjacent the second torsion zone anda third reduced diameter torsion zone disposed between the first andsecond large diameter intermediate portions.

In another aspect, a tool bit for driving a fastener includes a shaftwith a front end and a rear end, a working region disposed at the frontend and configured to drive a fastener, and a shank portion disposed atthe rear end and configured to couple the shaft to a power tool. A firstreduced diameter torsion zone is disposed in the shaft proximate theworking region and is configured to reduce stresses and breakage in theshaft. A second distinct reduced diameter torsion zone is disposed inthe shaft proximate the shank portion and is configured to reducestresses and breakage in the shaft.

Implementations of this aspect may include one or more of the followingfeatures. An intermediate portion of larger diameter than the first andsecond torsion zones may be disposed in the shaft between the first andsecond torsion zones. The first and second torsion zones havesubstantially the same length or different lengths. The first torsionzone may be configured to removably receive and retain a floating magnetsleeve so that the sleeve can move axially between a front end and arear end of the first torsion zone. The shank portion may have apolygonal cross-section and the first and second torsion zones may haveround cross-sections.

Further areas of applicability will become apparent from the descriptionprovided herein. The description and specific examples in this summaryare intended for purposes of illustration only and are not intended tolimit the scope of the present disclosure.

BRIEF DESCRIPTION OF THE DRAWINGS

The drawings described herein are for illustrative purposes only ofselected embodiments and not all possible implementations, and are notintended to limit the scope of the present disclosure.

FIG. 1 is a perspective view of a bit holder assembly according to theprinciples of the present disclosure;

FIG. 2 is a longitudinal or axial cross-sectional view of the bit holderassembly of FIG. 1;

FIG. 3 is a longitudinal cross-sectional view similar to that of FIG. 2,but illustrating a tool bit fully inserted in the bit holder assembly;

FIG. 4 is a longitudinal cross-sectional view similar to that of FIG. 3,but illustrating a fastener engaged with the tool bit and the retractionsleeve moved forward for magnetically engaging the fastener;

FIG. 5 is a longitudinal cross-sectional view similar to that of FIG. 2,but illustrating the retraction collar pulled rearward and the tool bitbeing removed from the bit holder assembly;

FIG. 6 is a perspective view of an alternative bit holder assemblyaccording to the principles of the present disclosure;

FIG. 7 is a longitudinal or axial cross-sectional view of the bit holderassembly of FIG. 6;

FIG. 8 is a side view of a power tool with the bit holder assembly ofthe present disclosure mounted therein;

FIG. 9 is a side view of a power tool with the bit holder assemblyintegrally formed therein;

FIG. 10 is a perspective view of a bit holder assembly according to athird embodiment;

FIG. 11 is a cross-sectional view of the bit holder assembly of FIG. 10;

FIGS. 12A-12C are partial cross-sectional views of a bit holder assemblyaccording to an alternative embodiment;

FIG. 12D is a partial cross-sectional view of a bit holder assemblyaccording to an alternative embodiment;

FIG. 12E is a partial cross-sectional view of a bit holder assemblyaccording to an alternative embodiment;

FIG. 13 is a plan view of a hog ring type retainer utilized in theembodiments of FIGS. 12A-12E;

FIGS. 14A and 14B are plan views of an elastic O-ring and an elasticC-ring that can be utilized in the embodiments of FIGS. 12A-12E;

FIG. 15 is a partial cross-sectional view of a bit holder according to afurther embodiment according to the principles of present disclosure;

FIG. 16 is a perspective view of a ball and spring band which areutilized according to the alternative embodiment shown in FIG. 15;

FIG. 17 is a side plan view of a six-in-one rotary tool having afloating ring magnet according to the principles of the presentdisclosure;

FIG. 18 is a side plan view of the six-in-one rotary tool shown in FIG.17 with the ring magnet in a forward position;

FIG. 19 is a cross-sectional view of the six-in-one rotary tool andfloating ring magnet as shown in FIGS. 17 and 18;

FIG. 20 is a cross-sectional view of a pivotal bit holder accessoryhaving a floating ring magnet mounted on a forward end thereof;

FIG. 21 is an alternative pivotal bit holder accessory having a ringmagnet mounted to a floating locking sleeve of the accessory, accordingto the principles of the present disclosure;

FIG. 22 is a perspective view of a tool bit having a magnetic ringsupported by a floating sleeve, according to the principles of thepresent disclosure;

FIG. 23 is a side plan view of the tool bit and floating sleeve shown inFIG. 22;

FIG. 24 is a cross-sectional view of the tool bit and floating sleeveshown in FIGS. 22 and 23;

FIG. 25 is a side plan view of the tool bit shown in FIG. 22;

FIG. 26 is a perspective view of the tool bit with a floating sleeve,according to the principles of the present disclosure;

FIG. 27 is a perspective view of the floating sleeve shown in FIG. 26;

FIG. 28 is a cross-sectional view of the tool bit and floating sleeveshown in FIG. 26;

FIG. 29 is a cross-sectional view similar to FIG. 28, with the floatingsleeve in a forward position, according to the principles of the presentdisclosure;

FIG. 30 is a perspective view of an alternative floating sleeve design,according to the principles of the present disclosure;

FIG. 31 is a perspective view of a floating sleeve according to analternative embodiment of the present disclosure;

FIG. 32 is a perspective view of a floating sleeve according to thepresent disclosure;

FIG. 33 is a perspective view of a tool bit having a floating sleeve,according to an alternative embodiment of the present disclosure;

FIG. 34 is a side plan view of the tool bit and floating sleeve shown inFIG. 33;

FIG. 35 is a cross-sectional view of the tool bit and floating sleeveshown in FIG. 33;

FIG. 36 is a side plan view of the floating sleeve shown in FIG. 33;

FIG. 37 is a perspective view of a tool bit and an alternative floatingsleeve, according to the present disclosure;

FIG. 38 is a cross-sectional view of the tool bit and floating sleeveshown in FIG. 37;

FIG. 39 is a cross-sectional view of the floating sleeve shown in FIG.37;

FIG. 40 is a perspective view of a tool bit and alternative floatingsleeve design, according to the present disclosure;

FIG. 41 is a cross-sectional view of the tool bit and floating sleeveshown in FIG. 40;

FIG. 42 is a perspective view of the floating sleeve shown in FIG. 40;

FIG. 43 is a perspective view of a tool bit having a floating ringmagnet supported by a floating sleeve, according to a further embodimentof the present disclosure;

FIG. 44 is a cross-sectional view of the tool bit and floating sleeveshown in FIG. 43;

FIG. 45 is a side plan view of the floating sleeve shown in FIG. 43;

FIG. 46 is a perspective view of a D-shaped ring utilized with thefloating sleeve shown in FIG. 45;

FIG. 47 is a perspective view of a tool bit and alternative floatingsleeve design according to the present disclosure;

FIG. 48 is a cross-sectional view of the tool bit and floating sleeveshown in FIG. 47;

FIG. 49 is a cross-sectional view taken along line 49-49 of FIG. 48;

FIG. 50 is a side plan view of the floating sleeve shown in FIG. 47;

FIG. 51 is a perspective view of a spring band utilized in theembodiment of FIG. 47;

FIG. 52 is a side plan view of a tool bit having a floating sleeveaccording to an alternative embodiment;

FIG. 53 is an exploded perspective view of the floating sleeve, ball,and spring band utilized in the embodiment of FIG. 52;

FIG. 54 is a perspective view of a tool bit and alternative floatingsleeve design, according to the principles of the present disclosure;

FIG. 55 is a perspective view of the floating sleeve design as shown inFIG. 54 with the locking jaws in a disengaged position;

FIG. 56 is a perspective view of the floating sleeve design shown inFIG. 54 with the lock collar shown in the locked position for engagingthe floating sleeve to the tool bit;

FIG. 57 is a partial cutaway perspective view of an alternative floatingsleeve design according to the present disclosure;

FIG. 58 is a side plan view of a pair of ring magnets disposed around atool bit with a connecting sleeve removed for illustrative purposes,according to the principles of the present disclosure;

FIG. 59 illustrates a sleeve that is mounted to the pair of ring magnetsas shown in FIG. 58;

FIG. 60 is a side plan view of an alternative bit holder assemblyaccording to the principles of the present disclosure;

FIG. 61A is a longitudinal or axial cross-sectional view of the bitholder assembly of FIG. 60;

FIG. 61B is a longitudinal or axial cross-sectional view of analternative embodiment of the bit holder assembly of FIG. 60;

FIG. 62 is a side plan view of the body portion of the bit holderassembly shown in FIG. 60;

FIG. 63 is a longitudinal or axial cross-sectional view of the floatingsleeve of the bit holder assembly of FIG. 60;

FIG. 64 is a perspective view of a tool bit and alternative floatingsleeve design according to the present disclosure;

FIG. 65 is a cross-sectional view of the tool bit and floating sleeveshown in FIG. 64 with the floating sleeve in a forward position;

FIG. 66 is a cross-sectional view of the tool bit and floating sleeveshown in FIG. 64 with the floating sleeve in a rearward position;

FIG. 67 is a perspective view of the floating sleeve shown in FIG. 64;

FIG. 68 is a side plan view of the floating sleeve shown in FIG. 64;

FIG. 69 is a longitudinal cross-sectional view of the floating sleeveshown in FIG. 64;

FIG. 70 is a side plan view of the tool bit shown in FIG. 64;

FIG. 71A is a cross-sectional view of a tool bit and floating sleeveaccording to a further embodiment of the present application with thefloating sleeve shown in a forward direction;

FIG. 71B is a cross-sectional view of the tool bit and floating sleeveshown in FIG. 71A with the floating sleeve in a rearward position;

FIG. 72 is a perspective view of the floating sleeve shown in FIG. 71A;

FIG. 73 is a longitudinal cross-sectional view of the floating sleeveassembly shown in FIG. 71A;

FIG. 74 is a longitudinal cross-sectional view of the floating sleeveshown in FIG. 71A;

FIG. 75 is a side plan view of the floating sleeve shown in FIG. 71A;

FIG. 76 is a cross-sectional view of a tool bit and floating sleeveaccording to a further embodiment of the present application;

FIG. 77 is a cross-sectional view of the floating sleeve shown in FIG.76 with an alternative tool bit;

FIG. 78 is a perspective view of floating sleeve assembly shown in FIG.76;

FIG. 79 is a disassembled cross-sectional view of the floating sleeveshown in FIG. 76;

FIG. 80 is a cross-sectional view of the floating sleeve shown in FIG.76 with the floating sleeve in a rearward position;

FIG. 81 is a cross-sectional view of the floating sleeve shown in FIG.76 with the floating sleeve in a forward position;

FIG. 82 is a cross-sectional view of a tool bit and floating sleeveaccording to a further embodiment of the present application;

FIG. 83 is a side plan view of the tool bit shown in FIG. 82;

FIG. 84 is a cross-sectional view of a tool bit and floating sleeveaccording to a further embodiment of the present application;

FIG. 85 is a side plan view of the tool bit shown in FIG. 84;

FIG. 86 is a partial cross-sectional perspective view of anotherembodiment of a tool bit holder assembly;

FIGS. 87A-87B are partial cross-sectional plan views of the tool bitholder assembly of FIG. 86.

FIG. 87C is a partial cross-sectional plan view of an alternativeembodiment of the tool bit holder assembly of FIG. 86.

FIGS. 88A-88C are plan views of various retention members for use withthe bit holder assemblies of FIGS. 87A-87C.

FIG. 89 is a side view of a double ended tool bit for use with thefloating magnet sleeve of FIG. 64.

FIG. 90 is a side view of the tool bit of FIG. 89 received in thefloating magnet sleeve of FIG. 64.

FIGS. 91A and 91B are cross-sectional views of the tool bit of FIG. 89with the floating magnet sleeve of FIG. 64 received over the first andsecond working regions of the tool bit.

FIG. 92. Is a side view of another embodiment of a double ended tool bitfor use with the floating magnet sleeve of FIG. 64.

FIG. 93 is a side view of yet another embodiment of a double ended toolbit for use with the floating magnet sleeve of FIG. 64. Correspondingreference numerals indicate corresponding parts throughout the severalviews of the drawings.

DETAILED DESCRIPTION

Corresponding reference numerals indicate corresponding parts throughoutthe several views of the drawings.

Example embodiments will now be described more fully with reference tothe accompanying drawings.

Example embodiments are provided so that this disclosure will bethorough, and will fully convey the scope to those who are skilled inthe art. Numerous specific details are set forth such as examples ofspecific components, devices, and methods, to provide a thoroughunderstanding of embodiments of the present disclosure. It will beapparent to those skilled in the art that specific details need not beemployed, that example embodiments may be embodied in many differentforms and that neither should be construed to limit the scope of thedisclosure. In some example embodiments, well-known processes,well-known device structures, and well-known technologies are notdescribed in detail.

The terminology used herein is for the purpose of describing particularexample embodiments only and is not intended to be limiting. As usedherein, the singular forms “a,” “an,” and “the” may be intended toinclude the plural forms as well, unless the context clearly indicatesotherwise. The terms “comprises,” “comprising,” “including,” and“having,” are inclusive and therefore specify the presence of statedfeatures, integers, steps, operations, elements, and/or components, butdo not preclude the presence or addition of one or more other features,integers, steps, operations, elements, components, and/or groupsthereof. The method steps, processes, and operations described hereinare not to be construed as necessarily requiring their performance inthe particular order discussed or illustrated, unless specificallyidentified as an order of performance. It is also to be understood thatadditional or alternative steps may be employed.

When an element or layer is referred to as being “on,” “engaged to,”“connected to,” or “coupled to” another element or layer, it may bedirectly on, engaged, connected or coupled to the other element orlayer, or intervening elements or layers may be present. In contrast,when an element is referred to as being “directly on,” “directly engagedto,” “directly connected to,” or “directly coupled to” another elementor layer, there may be no intervening elements or layers present. Otherwords used to describe the relationship between elements should beinterpreted in a like fashion (e.g., “between” versus “directlybetween,” “adjacent” versus “directly adjacent,” etc.). As used herein,the term “and/or” includes any and all combinations of one or more ofthe associated listed items.

Although the terms first, second, third, etc. may be used herein todescribe various elements, components, regions, layers and/or sections,these elements, components, regions, layers and/or sections should notbe limited by these terms. These terms may be only used to distinguishone element, component, region, layer or section from another region,layer or section. Terms such as “first,” “second,” and other numericalterms when used herein do not imply a sequence or order unless clearlyindicated by the context. Thus, a first element, component, region,layer or section discussed below could be termed a second element,component, region, layer or section without departing from the teachingsof the example embodiments.

Spatially relative terms, such as “inner,” “outer,” “beneath,” “below,”“lower,” “above,” “upper,” and the like, may be used herein for ease ofdescription to describe one element or feature's relationship to anotherelement(s) or feature(s) as illustrated in the figures. Spatiallyrelative terms may be intended to encompass different orientations ofthe device in use or operation in addition to the orientation depictedin the figures. For example, if the device in the figures is turnedover, elements described as “below” or “beneath” other elements orfeatures would then be oriented “above” the other elements or features.Thus, the example term “below” can encompass both an orientation ofabove and below. The device may be otherwise oriented (rotated 90degrees or at other orientations) and the spatially relative descriptorsused herein interpreted accordingly.

With reference to FIGS. 1-5, a first embodiment of the quick-change bitholder 10, according to the principles of the present disclosure, willnow be described. The bit holder 10 includes a body 12 and retractioncollar 14 slidably mounted on the body and retained in place by a sleevebushing 32, as illustrated in FIG. 2. The body 12 can include a hex orpolygonal-shaped shank 16 for mounting the bit holder 10 for rotation bya hand tool or a power tool.

With reference to FIG. 2, the body 12 also includes a hex orpolygonal-shaped socket or bore 20 with the bore 20 opening axiallyoutwardly toward the front or forward end of the bit holder 10. Aplunger bore 22 extends axially from the hex-shaped socket or bore 20toward the rear end of the bit holder assembly 10. Optionally, anejection spring 24 can be disposed in the plunger bore 22. The body 12includes an angular slot 26 formed transversely therein, with the slot26 extending from the radially outer surface of the body 12 in anaxially forward and radially inward direction to communicate with theinterior of the hex bore or socket 20.

A coil spring 30 surrounds a portion of the body 12 and is disposedbetween the body 12 and the retraction collar 14. The coil spring 30abuttingly engages a clip 44 which is received in a groove around amid-portion of the body 12 and terminates in an integrally formed clip34 that is disposed in the angular slot 26 and is designed to releasablyengage a recess 38 in a hex or polygonal-shaped bit tip 40 asillustrated in FIG. 3. An internal annular sleeve 32 attaches to therear portion of the retraction collar 14. The sleeve 32 can be securedto the collar 14 by adhesive, a press fit, thermal bonding, fasteners,pins, or other known attachment techniques. Received in a groove arounda mid-portion of the body 12 is a clip 44 that acts as a stop againstthe sleeve 32 to limit forward travel of the retractable collar 14. Theretractable collar 14 includes a forward shoulder portion 48 that, whenpulled rearward, can engage the spring 30 and pull the clip portion 34of the spring 30 pulling it rearward out of engagement with a bit 40received in the hex-shaped cavity 20.

The retractable collar 14 is of a non-magnetic material with theexception of a magnetic tip 50 that can be in the form of a ring magnet.Alternative magnetic arrangements can be used including multiplenon-ring shaped magnets combined to form a ring-like shape mounted atthe tip of the collar 14. Both faces and the internal bore of themagnet, however, may remain accessible.

In operation, as shown in FIG. 2, the collar 14 starts in a neutralposition with the collar biased forward and the spring clip 34 extendinginto the bore 20. Next, as shown in FIG. 3, a bit 40 is inserted intothe bore 20 so that the spring clip 34 engages a notch 38 in the side ofthe bit 40 to prevent removal of the bit 40 from the bore 20. The bit 40also compresses the ejection spring 24. The retraction collar 14 remainsin the neutral position. Next, as shown in FIG. 4, when the bit 40 isused to drive a screw or fastener 54, the collar 14 floats as a resultof the magnetic force radiating from the outer face to a forwardposition until the outer face of the magnet 50 reaches the fastener,enabling the outer face of the ring magnet 50 to magnetically adhere tothe screw 54. This occurs before the bearing sleeve 32 engages the stopring 44. The magnetic force, generating from the inner face of themagnet 50 by design, then draws the fastener 54 and the sleeve 14jointly towards the body 12, the material of which it is made exhibitingmagnet attractable properties resulting in holding the fastener 54 tightagainst the bit 40. The outer face of the magnet 50 also provides astable surface to reduce movement of the fastener (wobble) duringinstallation. The surface geometry of the face of the magnet 50 beingsuch as to provide support to fasteners of multiple sizes, shapes, andconfigurations.

Next, as shown in FIG. 5, when the operation has finished and the userdesires to remove the bit 40 from the bit holder 10, the user retractsthe retraction collar 14 relative to the body 12, causing the spring 30to compress, and the spring clip 34 to disengage from the bit 40, whichallows the ejection spring 24 to attempt to eject the bit 40 from theholder 10. The ejection is, however, limited in movement to the pointwhere the bit notch 38 is clear, and remains as such, of the clip 34allowing for easy one handed removal, but not to the point where itleaves the bore 20. This controlled ejection is accomplished as a resultof the magnetic field generating from the inner bore of the magnet 50surrounding the bit 40.

With reference to FIGS. 6 and 7, an alternative quick change bit holder60, according to the present disclosure, will now be described. The bitholder 60 includes a body 62 and a retraction collar assembly 64 mountedthereon. The body 62 includes a hex shank 66 and a hex-shaped socket orbore 70 formed in the body 62, with the bore 70 opening axiallyoutwardly toward the front or forward end of the bit holder assembly 60.A plunger bore 72 extends axially from the hex-shaped socket or bore 70toward the rear end of the bit holder assembly 60. Optionally, anejection spring 74 can be disposed in the plunger bore 72. The body 62includes an angular slot 76 similar to the slot 26 as described above. Acoil spring 80 having an integral spring clip 84 surrounds the body 62and is disposed between the body and the clip 84 such that the springclip 84 is disposed in the angular slot 76 for engaging a bit tip 40 inthe manner as discussed above with regard to the previous embodiment.

The retraction collar assembly 64 includes a rear collar 64 a, anintermediate collar 64 b and a forward collar 64 c. A retainer clip 86is disposed in a recessed groove in the outer surface of the body 62 andis disposed against a forward facing shoulder 88 of the rearward collar64 a. The intermediate collar 64 b is press fit onto the rearward collar64 a to trap the retainer clip 86 therebetween. A rearward facingshoulder 90 is provided in a forward direction from the spring 80 on theintermediate collar 64 b. The forward collar 64 c is slidably supportedon a forward end of the intermediate collar 64 b and includes a magnetictip 50 in the form of a magnet ring. The forward collar 64 c acts as afloating sleeve and includes a rearward shoulder portion 90 that engagesa forward shoulder portion 92 of the intermediate collar 64 b to limitthe forward travel of the forward collar 64 c. The rear end of theforward collar 64 c can be stretched over the forward end of theintermediate collar 64 b to complete the collar assembly 64. Slots canbe provided in the rear end of the forward collar 64 c to facilitateassembly on the intermediate collar 64 b. Alternatively, the collarcould be retained through the usage of a spring ring mounted in a grooveon the OD of the intermediate collar 64 b and a mating taper and groovein the ID of the forward collar 64 c.

In operation, a bit tip 40 can be inserted into the hex-shaped bore 70of the bit holder body 62. The spring clip 84 engages a recess 38 in thebit tip 40 in order to retain the bit tip 40 within the bore 70. Theforward collar 64 c is able to float in a forward direction to engage afastener that is engaged by the bit tip 40 in order to magneticallyretain the fastener to the bit tip 40. When the fastener is inserted andthe user wishes to remove the bit tip 40, the retraction collar 64 canbe pulled in a rearward direction so that rearward facing shoulder 94 ofintermediate collar 64 c pulls rearward on the spring 80 to disengagethe spring clip portion 84 from the recess 38 in the bit tip 40. Themagnetic sleeve on this bit holder 60 works just like the other in thatit grabs the screw and pulls it back towards the body 62 and against thebit while reducing wobble.

It should be understood that in each of the embodiments describedherein, the bit holder 10, 60 can be mounted to a drill 2 as shown inFIG. 8 by inserting the hex-shaped shank 16, 66 into a chuck device.Alternatively, the bit holder of the present disclosure can beintegrally constructed into the chuck device of the power tool 2, asshown in FIG. 9. Furthermore, although the present disclosure disclosesa spring clip 34, 84 that is integral with the spring 30, 80, otherarrangements of spring clips that are separate from the coil spring havealso been utilized and can be utilized with the present disclosure.Examples of other arrangements include U.S. Pat. Nos. 7,086,813;6,929,266; 6,261,035; and 5,988,957 which are incorporated herein byreference in their entirety. Furthermore, the use of a ball detentmechanism is also known in the art, and can be used in place of theintegral spring clip and spring arrangement of the present disclosure.Further, other previous bit holder designs can be modified to include aring magnet near the front of the outer actuation sleeve to allow themagnet and/or actuation sleeve to float forward to magnetize a fastenerduring operation.

With reference to FIGS. 10 and 11, a third embodiment of thequick-change bit holder 110, according to the principles of the presentdisclosure, will now be described. The bit holder 110 includes a body112 and a retraction collar 114 slidably mounted on the body 112 andretained in place by a sleeve bushing 132, as illustrated in FIG. 11.The body 112 can include a hex or polygonal-shaped shank 116 formounting the bit holder 110 for rotation by a hand tool or a power tool.

With reference to FIG. 11, the body 112 also includes a hex orpolygonal-shaped socket or bore 120 with the bore 120 opening axiallyoutwardly toward the front end of the bit holder 110. A plunger bore 122extends axially from the hex-shaped socket or bore 120 toward the rearend of the bit holder assembly 110. Optionally, an ejection spring 124can be disposed in the plunger bore 122. The body 112 includes anangular slot 126 formed transversely therein, with the slot 126extending from the radially outward surface of the body 112 in andaxially forward and radially inward direction to communicate with theinterior of the hex bore or socket 120.

A coil spring 130 surrounds a portion of the body 112 and is disposedbetween the body 112 and the retraction collar 114. The coil spring 130abuttingly engages a clip 144 which is received in a groove 145 around amid-portion of the body 112 and terminates as an integrally formed clip134 that is disposed in the angular slot 126 and is designed toreleasably engage a recess 38 in a hex or polygonal-shaped bit tip 40 inthe same manner as the embodiment illustrated in FIGS. 3 and 4. Theinternal annular sleeve 132 attaches to the rear portion of theretraction collar 114. Sleeve 132 can be secured to the collar 114 byadhesive, a press fit, thermal bonding, fasteners, pins, or other knownattachment techniques. The clip 144 acts as a stop against the sleeve132 to limit for travel of the retractable collar 114. Retractablecollar 114 includes a forward shoulder portion 148 that when pulledrearward can engage the spring 130 and pull the clip portion 134 of thespring 130, pulling it rearward out of engagement with a bit 40 receivedin the hex-shaped cavity 120.

Retractable collar 114 supports a removable magnet ring 150 that issupported by a removable sleeve 152. Removable sleeve 152 is secured tothe retractable collar 114 by a retainer such as an O-ring or bull nosering 154 that is received in a groove in a forward portion thereof. Thesleeve 152′ is press fit over top of the retainer ring in order toreleasably secure the sleeve 152 to the retraction collar 114.

The operation of the bit tip holder 110 as described is the same as thebit tip holder 10 as described above.

With reference to FIGS. 12A-12C, a bit holder 160 is shown including ahex-shaped or polygonal-shaped shank 162 and a body portion 164including a hex-shaped or polygonal-shaped bore 166 in an end thereoffor receiving a bit 40. The outer surface of the body 164 is providedwith an elongated annular recess 168. A floating sleeve 170 is providedon the end of the body 164 and supports a ring magnet 50 at an endthereof. The floating sleeve 170 includes an interior annular groove 172that receives a retainer 174 therein. The floating sleeve 170 can beremovably attached to the body 164 by force fitting the body 164 into arear opening 176 of the floating sleeve 170 until the retainer 174 isreceived in the recess 168 of the body 164.

The recess 168 is provided with a forward shoulder 178 and a rearwardshoulder 180 that allow the floating sleeve 170 to travel in a forwardand rearward direction as indicated by arrow A while the shoulders 178and 180 limit the travel of the floating sleeve 170 by engagement withthe retainer member 174. Thus, the floating sleeve can float freelybetween a front position, as shown in FIG. 12B, in which the retainer174 engages the front shoulder 178, and a rear position as shown in FIG.12C, in which the retainer 174 engages the rear shoulder 180. As shownin FIGS. 13 and 14A-14B, the retainer 174 can take the form of anon-elastic member, such as a steel or elastic hog ring 174A, as shownin FIG. 13, or an elastic member, such as an elastic O-ring 174B asshown in FIG. 14A or an elastic C-ring 174C as shown in FIG. 14B.

With reference to FIG. 12D, in an alternative embodiment, the floatingsleeve 170 can also be moved rearward to a parked position in which theretainer 174 is positioned rearward of the rear shoulder 180. In thisembodiment, the retainer 174 comprises an elastic element (such as anelastic O-ring 174A or an elastic C-ring 174B) that is stretched andexpands when the sleeve 170 is pulled axially rearward to the parkedposition. The expanded elastic retainer 174 frictionally engages theouter wall of the body portion 164 in a tight manner to maintain thesleeve in the parked position until the user pulls the outer sleeveforward back to one of the floating positions shown in FIGS. 12A-12C. Aninternal shoulder 177 on the front end of the sleeve 170 abuts a frontend 179 of the body portion 164 to prevent further rearward movement ofthe sleeve 170 beyond the parked position. In the parked position, it iseasier for the user to grasp and remove the bit 40 from the socket 166.Referring to FIG. 12E, in another embodiment, the body portion 164 maybe formed with an annular parking groove 175 rearward of the annularrecess 168 to more securely retain the retainer 174 and the sleeve 170in the parked position.

As an alternative, as illustrated in FIG. 15, the bit holder 160′ canuse an alternative retainer in the form of a ball 190 which can bereceived in an opening 192 in the floating sleeve 170′ and can beretained therein by an annular spring band 194 that can be made of steelor plastic or other suitable material. The ball is received in anannular recess 168′ so that the floating sleeve 170′ can float between aforward position in which the ball 190 engages a front shoulder 178′ ofthe annular recess 168 and a rear position in which the ball engages arear shoulder 180′ of the annular recess 168′. In operation, the bitholder 160, 160′ can be used to engage a fastener via the tool bit 40and the floating sleeve 170, 170′ allows the ring magnet 50 to floatforward under its magnetic force to engage the fastener and magnetizethe fastener to improve the retention of the fastener with the tool bit40. In an alternative embodiment, the floating sleeve 170′ may bemoveable to a parked position where the ball 190 is rearward of the rearshoulder 180′ and engages the body portion 164 or a parking groove inthe body portion 164, to facilitate easier removal of the tool bit 40.

In a still further alternative embodiment of the bit holder, as shown inFIGS. 17-19, the bit holder 200 can be configured as a six-in-one rotarytool that includes a floating ring magnet 50. In particular, asillustrated in FIG. 19, the tool holder 200 includes a shank 202 that isintegral with, and that extends rearwardly from a socket 204. Shank 202is preferably hex-shaped or polygonal and includes a circumferentialgroove 206. The tool socket 204 includes a bore 208 that extends axiallyfrom the socket end and that is also preferably hex-shaped or polygonal.A reversible bit assembly 210 is received in the bore 208 and includes asleeve 212 having a pair of axial storage cavities 216, 218 separated bya web 220. The sleeve 212 receives a first and a second bit driver 222,224 therein. The outer surface of the sleeve 212, each of the cavities216, 218, as well as a center section of the first and second bitdrivers 222, 224 are each again preferably hex-shaped or polygonal suchthat each of the bit drivers 222, 224 rotate with the sleeve 212 andsocket 204. Each of the first and second bit drivers 222, 224 arereversible within their respective cavities such that either of the bitends 22 a, 22 b, 224 a, 224 b of the first and second bit drivers 222,224 can extend from the sleeve 212. Additionally, sleeve 212 isreversible within the socket bore 208 such that either the first orsecond bit drivers 222, 224 operably extend from the socket 204.Accordingly, the tool may be configured such that any of the four bitdriver ends 222 a, 222 b, 224 a, 224 b operably project from the socket204. Either of the bit drivers 222, 224 may be removed from the sleeve212 to expose the hex-shaped cavity 216, 218 for use as a nut driver.Finally, the tools sixth driver is provided by removing the reversiblebit assembly 210 from the socket bore to expose the hex-shaped bore 208for use as a second nut driver. It is noted that the bore 208 is largerthan the cavities 216, 218 thereby providing the ability to accommodatelarger hex-shaped screw heads or nuts. In a preferred embodiment, thebore 208 is a 5/16 inch hex-opening while the cavities 216, 218 are each¼ inch hex openings.

Similar to the above embodiments, the outer surface of the socket 204can be provided with an elongated annular recess 228 that can be engagedby a retainer 230 of a floating sleeve 232 that supports a ring magnet50 at a forward end thereof. Accordingly, as the tool holder 200 is usedto engage a fastener, one of the bit drivers 222, 224 engage thefastener and the floating sleeve 232 allows the ring magnet 50 to movein a forward direction to engage the fastener to secure the fastener tothe bit driver 222, 224. The floating sleeve 232 can be removed byapplying a slight force in a forward direction to overcome the retainingforce of the retainer 230 within the elongated annular recess 228. Uponremoval of the floating sleeve 232, the reversible bit assembly 210 canbe removed from the socket 204 so that the bit drivers 222, 224 can bechosen for use. In another embodiment, similar to the embodimentsdescribed above, the floating sleeve 232 can be moved to a parkedposition in which the retainer 230 engages the socket 204 or a parkinggroove in the socket 204, rearward of the annular recess 228 tofacilitate easier removal of the bits from the sleeve 212.

With reference to FIG. 20, a pivotal/rigid accessory 250 for power andhand tools is disclosed and includes a drive component 252 adapted to beconnected to a power tool or hand tool and a driven component 254 thatis pivotally connected to the drive component 252. A locking sleeve 256is provided for securing the driven component 254 for non-pivotalmovement relative to the drive component 252, or the locking sleeve 256can be moved to a disengaged position that allows the driven component254 to pivot relative to the drive component 252. A pivot mechanism ofthis type is disclosed in U.S. Pat. No. 7,942,426, which is hereinincorporated by reference. According to the principles of the presentdisclosure, a floating sleeve 260 can be provided at the forward end ofthe driven component 254 and supports a magnetic ring 50 at a forwardend thereof to aid in retaining a fastener on a bit 40 received in ahex-shaped bore in the driven component 254. As illustrated in FIG. 20,the floating sleeve can include a retainer 262 that can be received inan elongated annular recess 264 on the outer surface of the drivencomponent 254 to allow the floating sleeve 260 to move in a forward andrearward axial direction as indicated by arrow A. In another embodiment,similar to the previously described embodiments, the floating sleeve 260can be moved to and retained in a parked position in which the retainer262 frictionally engages the driven component 254 or a parking groove inthe driven component 254, rearward of the annular recess 264, tofacilitate easier removal of the bit 40 from the driven component 254.

As an alternative, as illustrated in FIG. 21, the ring magnet 50 can besecured to the front end of the locking sleeve 256′ which can be allowedto float in a forward direction to allow the ring magnet 50 to engage afastener secured to the tool bit 40 received in a bore in the drivencomponent 254 of the tool holder. FIG. 21 illustrates the pivotingarrangement between the driving component and the driven componentwhich, again, is detailed in U.S. Pat. No. 7,942,426, which is hereinincorporated by reference in its entirety.

With reference to FIGS. 22-25, a tool bit 300 having a floating ringmagnet 50, according to the principles of the present disclosure, willnow be described. The tool bit 300 includes a shaft having a hex-shapedshank 302 at a first end, and a working region 304 disposed at a secondend. The shaft can have a section between the hex-shaped shank 302 andthe working region 304 that has a reduced diameter region 306 that isdisposed between two shoulders 308, 310. The reduced diameter region 306provides a torsion zone that allows the shaft to twist to absorb forceswhile the tool bit 300 is being used to drive a fastener. A tool bit 300having a torsion zone of this type is generally known in the art asdisclosed by U.S. Pat. No. 5,704,261.

As illustrated in FIGS. 24 and 25, the working region 304 of the toolbit 300 can be provided with various types of drive heads such asPhillips, flat, hex, square, and other known types of drive heads. Arecessed groove 312 is provided in the working region 304 for receivinga retainer ring 314 therein. A ring magnet 50 is supported by a sleeve316 that is retained on the tool bit 300 by the retainer ring 314 thatis received within the recessed groove 312. As the tool bit 300 isengaged with a fastener, the floating sleeve 316 is moved in a forwarddirection to allow the ring magnet 50 to engage the fastener to assistin retaining the fastener to the tool bit 300. The floating sleeve 316includes an interior shoulder 318 that engages the retainer 314 to limitthe sleeve's forward axial travel. The tool bit 300 includes a shoulder320 at an end of the working region 304 that limits the axial travel ofthe floating sleeve 316 in the opposite direction. The floating sleeve316 can optionally be removed from the tool bit 300 by pulling on thefloating sleeve 316 in an axial direction to overcome the retainer 314.The retainer 314 can be a rubber O-ring or a steel hog ring that can beflexed inward when the floating sleeve 316 is either inserted onto orpulled off of the tool bit 300.

With reference to FIGS. 26-29, an alternative arrangement for mounting aring magnet 50 to a tool bit 300 such as the tool bit as describedabove, will now be described. The ring magnet 50 is supported by afloating sleeve 330 that is slidably received on a forward end of thetool bit 300. The floating sleeve 330 includes a plurality of axiallyextending fingers 332 that are integrally formed with the sleeve 330 andreleasably engage the reduced diameter region of the tool bit betweenthe two shoulders 308, 310. FIG. 28 illustrates the floating sleeve 330in a rearward position, while FIG. 29 illustrates the floating sleeve330 in a forward position for the ring magnet 50 to engage a fastener tohelp retain the fastener on the tool bit 300. The floating sleeve 330can be removed from the tool bit by pulling forward on the floatingsleeve 330, thus causing the fingers 332 to flex radially outward overtop of the increased diameter portion at the head 304 of the tool bit300. It is noted that the floating sleeve 330 can be made from plastic,rubber, or other materials that allow flexibility of the fingers 332.The ring magnet 50 can be secured to the floating sleeve 330 byadhesives, in-molding, or other known fastening techniques.

With reference to FIG. 30, an alternative floating sleeve 340 design isshown for supporting a ring magnet 50 that can be received on a tool bit300. The sleeve 340 includes a first end 342 supporting the ring magnet50 and a second end 344 including a single elongated slot 346 thatallows the second end 344 of the sleeve 340 to flex outward forinsertion of a tool bit 300 therein. The interior of second end 344 ofthe sleeve 340 includes a plurality of radially inwardly extending tabs348 that are received in the reduced diameter portion 306 of the toolbit 300 and engage the forward and rearward shoulders 308, 310 to limitaxial movement of the sleeve 340 along the length of the tool bit 300.The floating sleeve 340 can be made from plastic or rubber

With reference to FIG. 31, a floating sleeve 350, according to analternative embodiment, can include a plastic cup 352 that receives thering magnet 50 at a forward end thereof and a rubber sleeve 354 at arearward end thereof. The interior surface of the rubber sleeve 354includes a plurality of radially inwardly extending tabs 356 at itsrearward end, as illustrated in phantom in FIG. 31. The radiallyinwardly extending tabs 356 are flexible to allow a tool bit 300 to beinserted into the sleeve 350 so that the tabs 356 engage the reduceddiameter portion 306 between the forward and rearward shoulders 308, 310of the tool bit 300. Thus, the sleeve 350 is allowed to float in aforward and rearward direction in the manner as described with regard tothe above described embodiments.

With reference to FIG. 32, an alternative floating sleeve 360 design isprovided in which a floating ring magnet 50 is supported at a first endof a rubber sleeve 360. The second end of the sleeve includes aplurality of radially inwardly extending tabs 362 that are flexible toallow a tool bit 300 to be inserted into the sleeve 360 wherein the tabs362 are disposed in the reduced diameter portion 306 between the forwardand rearward shoulders 308, 310 of the tool bit 300. The ring magnet 50can be reinforced with a metal or plastic cap 364 disposed between thering magnet 50 and the first end of the rubber sleeve 360.

With reference to FIGS. 33-36, an alternative floating sleeve 370 isprovided for supporting a ring magnet 50 in a forward end 372 thereof.The floating sleeve 370 can be made from plastic and can include one ormore flexible fingers 374 that engage the reduced diameter portion 306of the tool bit 300 between the forward and rearward shoulders 308, 310thereof. The fingers 374 can include a radially inwardly protruding endportion 376 that engages the reduced diameter portion 306 of the toolbit 300. The elongated fingers 374 are integrally formed with theplastic sleeve 370 to allow the fingers 374 to flex radially outwardwhen a tool bit 300 is inserted therein or removed therefrom.

With reference to FIGS. 37-39, an alternative arrangement of a floatingsleeve 380 is provided wherein the flexible fingers 382 are made from aspring steel and are separately attached to the floating sleeve 380which can be made from plastic or metal. The flexible fingers 382operate in the same manner as the fingers 374 disclosed in FIGS. 33-36to retain the floating sleeve 380 onto a tool bit 300 while allowing thesleeve 380 to float in a forward and rearward direction until thefingers 382 engage the forward or rearward shoulders 308, 310 of thetool bit 300. The fingers 382 include radially inwardly protrudingportions 384 that engage the reduced diameter portion 306 of the toolbit 300. The flexible fingers 382 can be secured to the sleeve 380 by arivet 386 or can be in-molded into the sleeve 380. The sleeve 380includes a pair of opposing windows 388 to receive the fingers 382.

With reference to FIGS. 40-42, an alternative floating sleeve 390 isprovided for supporting a ring magnet 50 in a forward end thereof. Thefloating sleeve 390 can be made from plastic, rubber, or metal and caninclude a recessed annular groove 392 on an exterior surface thereof aswell as a pair of oppositely disposed windows 394 that extend from thegroove 392 into the interior of the sleeve 390. A rubber O-ring or a hogring 396 can be provided in the annular groove 392 so as to extend intothe window portion 394 of the annular sleeve 390 in such a manner thatthe O-ring or hog ring 396 can be received in the reduced diameterportion 306 of the tool bit 300 between the forward and rearwardshoulders 308, 310 thereby retaining the floating sleeve 390 onto thetool bit 300. The reduced diameter portion 306 of the tool bit allowsthe floating sleeve 390 to move in a forward and rearward direction toallow the ring magnet 50 to engage a fastener for securing the fastenerto the tool bit 300.

With reference to FIGS. 43-46, a still further alternative embodiment ofthe floating sleeve 400 is shown wherein the floating sleeve 400supports a ring magnet 50 at a forward end and includes an exteriorannular groove 402 with an opening 404 on one side that communicates tothe interior of the sleeve 400. The annual groove 402 receives aD-shaped ring 406 having a generally flat portion 408 along one sidethereof that is received in the window opening 404 of the annular groove402 so that it communicates to the interior of the sleeve 400. The flatportion 408 of the D-shaped ring 406, as shown in FIG. 46, is receivedin the reduced diameter portion 306 of the tool bit 300 between theforward and rearward shoulders 308, 310 to limit the axial movement ofthe floating sleeve 400 in the forward and rearward directions.

With reference to FIGS. 47-51, an alternative arrangement of thefloating sleeve 410, according to the principles of present disclosure,will now be described. The floating sleeve 410 includes an elongatedannular recess 412 on an outer surface thereof and a plurality of windowopenings 414 extending therethrough within the elongated annular recess412. The openings 414 each receive a ball 416 therein and a spring band418 is received within the elongated annular recess 412 over top of theballs 416 to secure the balls 416 within the openings 414. The balls 416are designed to be received in the reduced diameter portion 306 of thetool bit 300 between the forward and rearward shoulders 308, 310 tolimit the axial movement of the floating sleeve 410 in the forward andrearward directions. During insertion of the tool bit 300 into thefloating sleeve 410, the spring band 418 allows the balls 414 to bepushed radially outward against the spring force of the band 418 whilethe head of the tool bit 300 is inserted into, or removed from, thesleeve 410. As the balls 416 reach the reduced diameter portion 306, theballs 416 move radially inward reducing the force of the spring band 418on the balls 414. It is intended that the balls 414 provide aninterference when engaging the forward and rearward shoulders 308, 310of the reduced diameter portion 306, but do not provide significantresistance to the floating motion of the sleeve 410 along the tool bit300.

With reference to FIGS. 52 and 53, an alternative floating sleeve 420 isshown utilizing a single ball 422 wherein the spring band 424 isprovided with an opening 426 therein for maintaining the position of thespring band 424 relative to the ball 422 that is received in the singleopening 426 of the floating sleeve 420.

With reference to FIGS. 54-56, an alternative floating sleeve 430,according to the principles of present disclosure, will now bedescribed. The floating sleeve 430 supports a ring magnet 50 at aforward end thereof and includes a pair of lock jaws 432 that arepivotally mounted to the floating sleeve by pivots 434. The lock jaws432 each include radially inwardly extending tabs 436 that are designedto be engaged within the reduced diameter portion 306 of the tool bit300. The lock jaws 432 can be pivoted to an engaged position, asillustrated in FIG. 54, and a lock collar 438 can be pulled over top ofthe lock jaws 432, as illustrated in FIG. 56, to secure the lock jaws432 to the tool bit 300. The ring magnet 50 is supported at the forwardend of the floating sleeve 430 and the lock jaws 432 limit the axialmovement of the floating sleeve 430 along the tool bit 300 to allow thering magnet 50 to float to an engaged position when the tool bit 300 isengaged with a fastener. In order to remove the sliding sleeve 430 fromthe tool bit 300, the lock collar 438 can be pulled in a forwardposition allowing the lock jaws 432 to be pivoted radially outward sothat the tool bit 300 can be removed from the floating sleeve 430. It isnoted that the lock collar 438 can be made of a flexible material, orcan have a rigid outer ring with a flexible material on the interiorthereof that allows the lock collar 438 to be retained on the lock jaws432 when they are in the locked position.

With reference to FIG. 57, an alternative floating sleeve 440 is shownincluding a ring magnet 50 at a forward end of a plastic sleeve. Theplastic sleeve 440 has a slot 442 therein and has exterior cam surfaces444 thereon. A rotating sleeve 446 is engaged with the cam surfaces 444of the sleeve 440 and the rotating sleeve 446 can be rotated to causeplastic sleeve 440 to be retained in a radially inward direction topositively engaged the radially inwardly extending tabs 448 of thesleeve 440 within the reduced diameter portion 306 of the tool bit 300between the forward and rearward shoulders 308, 310 thereof. Therotating sleeve 446 can also be rotated to an unlocking position thatallows the sleeve 440 to flex outwardly sufficiently enough to allowremoval of the bit 300 from the floating sleeve 440.

With reference to FIGS. 58 and 59, a further embodiment of the presentdisclosure will now be described. With this embodiment, the use of atool bit 450 having a hex-shaped shaft 452 without a reduced diameterportion is provided. A floating sleeve 454 is provided with two interiorring magnets 456, 458 (as illustrated in FIG. 58 with the sleeve 454removed) which are positioned with both poles opposing one another atapproximately 10 mm apart. With both poles of the ring magnets 456, 458opposing one another, the sleeve 454 will move freely along a length ofthe tool bit 452 as they are captured by the non-magnetic sleeve 454. AnO-ring 460 can optionally be placed between the two magnets 456, 458 toprovide resistance to movement of the floating sleeve 454 if so desired.The opposing poles of the magnets 456, 458 cause the sleeve 454 to floaton the bit 450 until a face of the forward magnet 458 contacts a head ofa fastener that has been placed on the driving end 462 of the tool bit450. Once that contact is made, the sleeve 454 then positions itselfsuch that the fastener remains in place on the bit 450 duringinstallation. Once the faster is securely started, the sleeve 454 can bedrawn back onto the bit 450 if desired where it will remain during thedriving and seating of the fastener.

With reference to FIGS. 60, 61A, 62 and 63, a bit holder assembly 470 isdisclosed including a body 472 and a floating sleeve 474. The body 472includes a first end defining a shank 476 and a second end defining apolygonal cavity 478 that can be hex-shaped or can have anotherpolygonal shape. At the inner end of the polygonal cavity 478, anadditional bore 480 can be provided for receiving a magnet 482 therein.An exterior surface of the body 472 at the second end includes athreaded portion 484 which is adapted to receive a threaded cap 486. Thethreaded cap 486 includes interior threads 488 that engage the threadedportion 484. The threaded cap 486 also includes a radially inwardlyextending shoulder 490 that captures an O-ring 492 axially between theshoulder 490 and an end surface 494 of the body 472. At a rear end ofthe threaded portion 484, an annular groove 496 is formed having aforward shoulder 498. At the rearward end of the threaded cap 486, ashoulder 500 is formed for engagement with the shoulder 498 at theforward end of the annular groove 496. The shoulders 498, 500 limit theaxial movement of the threaded cap 486 in the forward axial direction.

When a bit 40 (not shown) is inserted into the polygonal cavity 478, thethreaded cap 486 can be tightened against the O-ring 492 causing theO-ring 492 to expand radially inwardly to engage the bit 40 and securethe bit 40 within the cavity 478. In order to remove the bit 40, thethreaded cap 486 can be rotated to release the clamping force againstthe O-ring 492 thereby allowing the O-ring 492 to disengage the bit 40and allow the bit 40 to be removed.

The body 472 also includes an annular groove 502 located at anintermediate location along the body 472. The annular groove 502 isdisposed in the exterior surface of the body and is elongated in theaxial direction so as to receive a C-shaped hog ring 504 that isreceived in an annular recess 506 on the interior of the floating sleeve474. The C-shaped hog ring 504 can travel axially along the length ofthe annular groove 502 to allow the floating sleeve 474 to float in aforward and rearward direction. The annular groove 502 has forward andrearward shoulders that limit the axial movement of the floating sleeve.The C-shaped hog ring 504 is flexible to allow removal of the floatingsleeve 474 from the body 472 in order to gain access to the threaded cap486 for tightening and loosening the cap 486 to allow insertion andremoval of bits 40 from the polygonal cavity 478. A forward end of thefloating sleeve 474 supports a ring magnet 50 that is allowed to move inforward and rearward directions to engage and magnetize a fastener toretain the fastener to the tool bit 40. A spacer sleeve 508 can bedisposed rearward of the ring magnet 50 and can limit the rearwardmovement of the floating sleeve 474 by engagement with a forward end ofthe threaded cap 486.

In operation, the shank 476 can be inserted into a drill either directlyor indirectly via a quick release chuck device. The floating sleeve 474can be removed from the body 472 and a bit 40 can be inserted into thepolygonal cavity 478. The magnet 482 would attract the tool bit 40 tothe rearward-most location within the polygonal cavity 478. The threadedcap 486 can then be tightened in the rearward direction R to cause theO-ring 492 to expand radially inward while being compressed and therebyengage the bit 40 and secure the bit 40 in the polygonal cavity 478. Thefloating sleeve 474 can then be slid over the end of the body 472 sothat the C-shaped hog ring 504 is received within the annular groove 502to limit the axial movement of the floating sleeve 474. When a fastener54 (not shown) is brought into engagement with the tool bit 40, thefloating sleeve 474 under the influence of the ring magnet 50 can slideaxially forward to engage the fastener 54 to thereby magnetize thefastener 54 and retain it to the bit 40.

With reference to FIG. 61B, in an alternate embodiment, a bit holderassembly 470′ may comprise the body 472, shank 476 and threaded cap 486described above with a modified floating sleeve 474′. The floatingsleeve 474′ may include a retainer 504′, such as an O-shaped or C-shapedelastic ring, that is received in the annular groove 502 on the exteriorof the body 472 to allow the floating sleeve 474′ to float between aforward position and a rearward position as limited by a forwardshoulder 503 and a rearward shoulder 501 of the annular groove 502. Thefloating sleeve 474′ supports a ring magnet 450 and that is allowed tomove in forward and rearward directions to engage and magnetize afastener to retain the fastener to the tool bit 40, as described above.The floating sleeve 474′ differs from the floating sleeve 474 of FIG.61A in that there is no spacer 508 and the floating sleeve 474′ can bemoved further rearward to a parked position as shown in FIG. 61B. In theparked position, the retainer 504′ engages an outer wall of the body 472(or a parking groove formed in the outer wall of the body 472). Thisexposes the threaded cap 486 to enable the threaded cap 486 to beremoved from the body 472 without removing the floating sleeve 474′ fromthe body 472.

With reference to FIGS. 64-70, an alternative arrangement of thefloating sleeve 510, according to the principles of the presentdisclosure, will now be described. The floating sleeve 510 includes anelongated annular recess 512 on an outer surface thereof and a pair oftapered window openings 514 extending through the sleeve 510 oppositeone another within the elongated annular recess 512. The window openings514 each receive a ball 516 therein and a spring band 518 is receivedwithin the elongated annular recess 512 over top of the balls 516 tosecure the balls 516 within the tapered window openings 514. The balls516 are designed to be received in a reduced diameter portion 306 of thetool bit 300 between the forward and rearward shoulders 308, 310 tolimit the axial movement of the floating sleeve 510 in the forward andrearward directions.

During insertion of the tool bit 300 into the floating sleeve 510, thespring band 518 allows the balls 514 to be pushed radially outwardagainst the spring force of the band 518 while the working region 304 ofthe tool bit 300 is inserted into, or removed from, the sleeve 510. Asthe balls 516 reach the reduced diameter portion 306 of the tool bit300, the balls 516 move radially inwardly reducing the force of thespring band 518 on the balls 514. It is intended that the balls 514provide an interference when engaging the forward and rearward shoulders308, 310 of the reduced diameter portion 306, but do not providesignificant resistance to the floating motion of the sleeve 510 alongthe tool bit 300. A ring magnet 50 is disposed at the forward end of thefloating sleeve 510 and is designed to magnetize a fastener 54 (notshown) that is engaged to the bit 300. FIG. 65 shows the floating sleeve510 in a forward position while FIG. 66 shows the floating sleeve 510 ina rearward position.

Referring also to FIGS. 89 and 90, the floating sleeve 510 can bereceived over the end of a double ended tool bit 900. The double endedtool bit 900 comprises a shaft 902 with a first working portion (e.g., ascrewdriving head) 904 at a first end 906 and a second working portion(e.g., a screwdriving head) 908 at a second end 910. The shaft alsoincludes a first reduced diameter portion 912 proximate the firstworking portion 904 and a second reduced diameter portion 914 proximatethe second working portion 908. Each of the reduced diameter portions912, 914 is defined by a front shoulder 916, 918 that is closer to therespective working portion 904, 908, and a rear shoulder 920, 922 thatis further from the respective working portion 904, 908. The reduceddiameter portions 912, 914 may function as torsion zones that reducetorsional stresses and breakage in the shaft 902.

Adjacent the first and second working portions 904, 908 are first andsecond shank portions 924, 926, each of which is disposed between therespective working portion 904, 908 and reduced diameter portion 912,914. The shank portions 924, 926 each have a hex-shaped cross-sectionand are interrupted by an annular groove 928, 930. The first shankportion 924 is configured to be retained in a tool holder of a fasteningtool when the second working region 908 is being used to drive afastener. The second shank portion 926 is configured to be retained in atool holder of a fastening tool when the first working region 904 isbeing used to drive a fastener. Disposed between the reduced diameterportions 912, 914 is an intermediate portion 932 also having ahex-shaped cross-section.

Referring also to FIGS. 90A and 90B, the floating sleeve 510 isalternatively receivable over the first end 906 of the tool bit 900(FIG. 90A) or the second end 910 of the tool bit 900 (FIG. 90B). Duringinsertion of the tool bit 900 into the floating sleeve 510, the springband 518 allows the balls 514 to be pushed radially outward against thespring force of the band 518 while the working region 904, 908 of thetool bit 900 is inserted into, or removed from, the sleeve 510. As theballs 516 reach the respective reduced diameter portion 912, 914 of thetool bit 900, the balls 516 move radially inwardly reducing the force ofthe spring band 518 on the balls 514. The balls 514 provide aninterference when engaging the forward shoulder 916, 918 and therearward shoulder 920, 922 of the first and second reduced diameterportions 912, 914, but do not provide significant resistance to thefloating motion of the sleeve 510 along the tool bit 900. The ringmagnet 50 disposed at the forward end of the floating sleeve 510 floatsforward to attract and magnetize the head of a fastener (not shown) thatis engaged to the respective working region 904, 908 of the tool bit900.

Referring to FIG. 92, another embodiment of a double ended tool bit 900′to be used with the floating sleeve 510 includes a shaft 902′ with afirst working portion (e.g., a screwdriving head) 904′ at a first end906′ and a second working portion (e.g., a screwdriving head) 908′ at asecond end 910′. The shaft includes a single reduced diameter portion912′ disposed equidistant between the first working portion 904′ and thesecond working portion 908′. The reduced diameter portion 912′ isdefined by a first shoulder 916′ that is closer to the first workingportion 904′ and a second shoulder 920′ that is closer to the secondworking portion 908′. The reduced diameter portions 912′, 914′ mayfunction as torsion zones that reduce torsional stresses and breakage inthe shaft 902′.

Adjacent the first and second working portions 904′, 908′ are first andsecond shank portions 924′, 926′, each of which is disposed between therespective working portion 904′, 908′ and reduced diameter portion 912′,914′. The shank portions 924′, 926′ each have a hex-shaped cross-sectionand are interrupted by an annular groove 928′, 930′. The first shankportion 924 is configured to be retained in a tool holder of a fasteningtool when the second working region 908 is being used to drive afastener. The second shank portion 926 is configured to be retained in atool holder of a fastening tool when the first working region 904 isbeing used to drive a fastener. The floating sleeve 510 is alternativelyreceivable over the first end 906′ or the second end 910′ of the toolbit 900′. In either case, the balls 514 are received in the reduceddiameter portion 912′ and move between the first shoulder 916′ and thesecond shoulder 920′, which allows the sleeve 510 to float relative tothe respective working region 904′, 908′ of the tool bit 900′.

Referring to FIG. 93, another embodiment of a double ended tool bit 900″to be used with the floating sleeve 510 includes a shaft 902″ with afirst working portion (e.g., a screwdriving head) 904″ at a first end906″ and a second working portion (e.g., a screwdriving head) 908″ at asecond end 910″. The shaft also includes a first reduced diameterportion 912″ proximate the first working portion 904″ and a secondreduced diameter portion 914″ proximate the second working portion 908″.Each of the reduced diameter portions 912″, 914″ is defined by a frontshoulder 916″, 918″ that is closer to the respective working portion904″, 908″, and a rear shoulder 920″, 922″ that is further from therespective working portion 904″, 908″. The reduced diameter portions912″, 914″ may function as torsion zones that reduce torsional stressesand breakage in the shaft 902″.

Adjacent the first and second working portions 904″, 908″ are first andsecond shank portions 924″, 926″, each of which is disposed between therespective working portion 904″, 908″ and reduced diameter portion 912″,914″. The shank portions 924″, 926″ each have a hex-shaped cross-sectionand are interrupted by an annular groove 928″, 930″. The first shankportion 924″ is configured to be retained in a tool holder of afastening tool when the second working region 908″ is being used todrive a fastener. The second shank portion 926″ is configured to beretained in a tool holder of a fastening tool when the first workingregion 904″ is being used to drive a fastener. Disposed between thereduced diameter portions 912″, 914″ is an intermediate portion 932″having a hex-shaped cross-section and a third reduced diameter portion934″. The third reduced diameter portion 934″ may function as yetanother torsion zone that reduces torsional stresses and breakage in theshaft 902″. The floating sleeve 510 is alternatively receivable over thefirst end 906″ or the second end 910″ of the tool bit 900″. In eithercase, the balls 514 are received in the reduced diameter portion 912″and move between the first shoulder 916″ and the second shoulder 920″,which allows the sleeve 510 to float relative to the respective workingregion 904″, 908″ of the tool bit 900″.

FIGS. 71-75 illustrate an alternative arrangement of the floating sleeve530 which is arranged with the same construction as the floating sleeve510 with different external dimensions and appearance. Accordingly, thesame reference numerals used for describing the components of thefloating sleeve 510 are used for the components of the floating sleeve530 and a detailed description of the floating sleeve 530 is notbelieved to be necessary, other than to note that its dimensions aredifferent from that of the ring magnet assembly 510 in order to be usedwith a different type of bit having a smaller working head region and/orlonger reduced diameter portion.

With reference to FIGS. 76-81, an alternative tool bit assembly 550 willnow be described. The tool bit assembly 550 includes a tool bit 552, abase collar 554 that is received on the tool bit 552, and a floatingsleeve 556 that is slidably received on the base collar 554. A front endof the sleeve 556 is tapered inwardly. This intuitively prevents theuser from attaching the sleeve backwards on the bit.

As shown in FIG. 76, the tool bit 552 can be of the type that includes ashank portion 558 and a working end 560 with a reduced diameter portion561 and an annular groove 562 disposed in an intermediate locationthereon. As an alternative, the tool bit 552′, as shown in FIG. 77, caninclude recessed grooves at the corner edges of the hex-shaped shank 558instead of the annular groove 562.

The base collar 554 includes an internal recessed groove 568 thatreceives a retainer ring 570 therein. The retainer ring 570 is designedto be received in the annular groove 562 of the tool bit 552 or withinthe recessed grooves 564 of the alternative bit 552′. Retainer ring 570secures the base collar to the tool bit 552, 552′. The base collar 554includes a reduced diameter portion 572 having a recessed groove 574 inan outer surface thereof. A stop shoulder 576 is disposed at a rearwardend of the reduced diameter portion 572. The floating sleeve 556 ismovably received on the reduced diameter portion 572. The floatingsleeve 556 includes an internal annular groove 578 that receives aretaining ring 580 received in the recessed groove 574. Retaining ring580 limits the axial movement of the floating sleeve 556 via the forwardand rearward shoulders 582, 584 of the annular groove 578. The rearwardend 586 of the floating sleeve 556 engages the stop shoulder 576 of thebase collar 554. A ring magnet 50 is received in a forward end of thefloating sleeve 556 and is designed to magnetize a fastener to retainthe fastener to the working head region 560 of the tool bit 552.

With reference to FIGS. 82-85, the base collar 554′ of the tool bitassembly 550 of FIGS. 76-81 has been modified to include an internalshoulder portion 590 that engages a forward shoulder 592 of the reduceddiameter portion 561 of the tool bit 552. The shoulder portion 590 andthe retainer ring 570 secure the base collar 554′ relative to the toolbit 552 so that the movement of the floating sleeve 556 can be bettercontrolled. FIGS. 82 and 84 show the modified base collar 554′ engagedwith alternative tool bits 552, 552′.

With reference to FIGS. 86-88C, a bit holder assembly 800 includes abody portion 820 coupled to a shank 840, and a floating sleeve 810received over the body portion 820. The body portion 820 and shank 840are similar to the sleeve 20 and connecting rod 40 of the bit holderdescribed in U.S. Pat. App. Pub. No. 2012/0126497, titled “Small OuterDiameter Quick Release Extension Rod,” which is incorporated herein byreference (“the '497 application”). As described in greater detail inthe '497 application, the body 820 includes a socket 823 configured toreceive a tool bit 40. A pair of lateral accommodation portions 832 isdefined in a circumference of the socket 823. A pair of elongatedelastic elements 870 are each received in the lateral accommodationportions 832. Each elongated elastic element 870 is sheet shaped andincludes a body portion 871 connected between a pushed end portion 872and an engaging end portion 873, which extends from the body portion 871at an angle of approximately 45±15 degrees.

An actuator sleeve 830 is received over the shank 840 and a rear end ofthe body 820 and is moveable axially relative to the body 820 and theshank 840. A return spring 860 is held axially by a first positioningring 850 that is fixedly connected to the shank 840. The return spring860 biases the actuator sleeve 830 toward a forward or locked position.The actuation sleeve 830 is fixedly connected to a second positioningring 880. The second positioning ring 880 is fixedly connected to thepushed end portions 872 of the elongated elastic elements 871. When theactuator sleeve 830 is in its forward position (as shown in FIG. 4 ofthe '497 application), the engaging end portions 873 of the elongatedelastic elements 870 project into the socket 823 to engage and retain atool bit 40 in the socket 823. When the actuator sleeve 830 is retractedagainst the force of the return spring 860 (as shown in FIG. 6 of the'497 application), the second positioning ring 880 pulls the endportions 872 of the elongated elastic elements 870 to retract theengaging end portions 873 from the socket 823, enabling removal of thetool bit 40 from the socket 823.

Inside of the socket 823 is an ejection mechanism 890 includes a plunger891, a magnetic element 892 and an elastic element 893. The magneticelement 892 is disposed on one end of the plunger 891, and the other endof the plunger 891 abuts against one end of the elastic element 893. Theother end of the elastic element 893 abuts against an end of theconnecting rod 840. The magnetic element 892 faces toward front end ofthe socket 823. When a tool bit is inserted into the socket 823, theelastic element 893 is compressed. When the tool bit is released fromthe socket 823, the elastic element 893 pushes the plunger 891 towardthe open end of the socket, causing at least partial ejection of thetool bit out of the socket 823. This helps enable removal of the toolbit from the socket 823. The magnetic element 892 prevents the tool bitfrom being fully ejected from the socket 823 when the actuator sleeve830 is retracted to release the tool bit.

The outer surface of the body 820 is provided with an elongated annularrecess 812. The floating sleeve 810 is substantially surrounds the body820 and supports a ring magnet 814 at an end thereof. The floatingsleeve 810 includes an interior annular groove 816 that receives aretainer 818 therein. The floating sleeve 810 can be removably attachedto the body 820 by force fitting the body 820 into a rear opening 822 ofthe floating sleeve 810 until the retainer 818 is received in the recess812 of the body 820.

The recess 812 is provided with a forward shoulder 824 and a rearwardshoulder 826 that allow the floating sleeve 170 to travel in a forwardand rearward direction as indicated by arrow A while the shoulders 824and 826 limit the travel of the floating sleeve 810 by engagement withthe retainer member 818. Thus, the floating sleeve can float freelybetween a rear position, as shown in FIG. 87A, in which the retainer 818engages the rear shoulder 826, and a front position as shown in FIG.87B, in which the retainer 818 engages the front shoulder 824 and thering magnet 814 can engage the head of a threaded fastener 819. As shownin FIGS. 88A-88C, the retainer 818 can take the form of a non-elasticmember, such as a steel hog ring 818 a, as shown in FIG. 88A, or anelastic member, such as an elastic O-ring 818 b as shown in FIG. 88B oran elastic C-ring 818 c as shown in FIG. 88C.

With reference to FIG. 87C, in an alternative embodiment, the floatingsleeve 810 can also be moved rearward to a parked position in which theretainer 818 is positioned rearward of the rear shoulder 826. In thisembodiment, the retainer 818 comprises an elastic element (such as anelastic O-ring 818 b or an elastic C-ring 818 c) that is stretched andexpands when the floating sleeve 810 is pulled axially rearward to theparked position. The expanded elastic retainer 818 frictionally engagesthe outer wall of the body portion 820 in a tight manner to maintain thefloating sleeve 810 in the parked position until the user pulls thefloating sleeve 810 forward back to one of the floating positions shownin FIGS. 87A and 87B. An internal shoulder 877 on the front end of thefloating sleeve 810 abuts a front end 879 of the body portion 820 toprevent further rearward movement of the floating sleeve 810 beyond theparked position. In the parked position, it is easier for the user tograsp and remove the bit 40 when it is ejected from the socket 823 whenthe actuator sleeve 830 is retracted. In another embodiment, similar tothe embodiment of FIG. 12E, the body portion 820 may be formed with anannular parking groove rearward of the annular recess 812 to moresecurely retain the retainer 818 and the floating sleeve 810 in theparked position.

The foregoing description of the embodiments has been provided forpurposes of illustration and description. It is not intended to beexhaustive or to limit the disclosure. Individual elements or featuresof a particular embodiment are generally not limited to that particularembodiment, but, where applicable, are interchangeable and can be usedin a selected embodiment, even if not specifically shown or described.The same may also be varied in many ways. Such variations are not to beregarded as a departure from the disclosure, and all such modificationsare intended to be included within the scope of the disclosure.

What is claimed is:
 1. A tool bit assembly, comprising: a tool bithaving a shaft with a first working region configured to drive afastener disposed at a first end of the shaft, a second working regionconfigured to drive a fastener disposed at a second end of the shaft, afirst bit retaining region disposed proximate the second working regionand configured to couple the tool bit to a power tool so that the firstworking region can drive a fastener, a second bit retaining regiondisposed proximate the first working region and configured to couple thetool bit to a power tool so that the second working region can drive afastener, and at least one reduced diameter portion between the firstworking region and the second working region; and a floating sleevehaving a radially inwardly projecting retention mechanism at a rear endof the sleeve and a magnet at the front end of the sleeve, wherein thefloating sleeve is removably and reversibly receivable over the tool bitin a first orientation and a second orientation, wherein in the firstorientation the magnet is proximate the first working region and theretention mechanism is received in the at least one reduced diameterportion to allow the floating sleeve to move between a first forwardposition in which the magnet is able to engage a fastener being drivenby the first working region and a first rearward position in which themagnet is retracted relative to the first working region, and wherein inthe second orientation the magnet is proximate the second working regionand the retention mechanism is received in the at least one reduceddiameter portion to allow the floating sleeve to move between a secondforward position in which the magnet is able to engage a fastener beingdriven by the second working region and a second rearward position inwhich the magnet is retracted relative to the second working region. 2.The tool bit assembly of claim 1, wherein the retention mechanismcomprises one of an O-ring, a C-clip, at least one retaining ball, andan inwardly projecting wall portion of the floating sleeve.
 3. The toolbit assembly of claim 1, wherein the retention mechanism comprises atleast one ball received in at least one window in the floating sleeveand a spring band received in an annular recess in the sleeve, thespring band biasing the at least one ball radially inward toward thetool bit.
 4. The tool bit assembly of claim 3, wherein the at least oneball pair comprises a pair of balls and the at least one windowcomprises a pair of window openings, with each ball received in adifferent window opening.
 5. The tool bit assembly of claim 1, whereinthe magnet comprises a ring-shaped magnet.
 6. The tool bit assembly ofclaim 1, wherein the first bit retaining region comprises a shank regionof polygonal cross-section disposed between the first working region andthe at least one reduced diameter portion, and the second retainingregion comprises a shank region of polygonal cross-section disposedbetween the second working region and the at least one reduced diameterportion.
 7. The tool bit assembly of claim 8, wherein each shank regionfurther comprises an annular groove.
 8. The tool bit assembly of claim1, wherein the at least one reduced diameter portion comprises a singlereduced diameter portion disposed substantially equidistant between thefirst working region and the second working region.
 9. The tool bitassembly of claim 1, wherein the at least one reduced diameter portioncomprises a first reduced diameter portion closer to the first workingregion that receives the retention mechanism when the floating magnetsleeve is in the first orientation and a second reduced diameter portioncloser to the second working region that receives the retentionmechanism when the floating magnet sleeve is in the second orientation.10. The tool bit assembly of claim 8, further comprising a third reduceddiameter portion disposed between the first and second reduced diameterportions.
 11. A tool bit assembly, comprising: a tool bit having a shaftwith a first working region disposed at a first end of the shaft andconfigured to drive a fastener, a first shank portion disposed proximatea second end of the shaft and configured to couple the tool bit to apower tool, a first reduced diameter torsion zone disposed closer to thefirst working region and having a first shoulder closer to the firstworking region and a second shoulder closer to the first shank portion,a second reduced diameter torsion zone disposed closer to the firstshank portion and having a third shoulder closer to the first workingregion and a second shoulder closer to the first shank portion, and anintermediate portion of larger diameter than the first and secondreduced diameter portions disposed between the second shoulder and thethird shoulder; and a floating sleeve having a radially inwardlyprojecting retention mechanism at a rear end of the sleeve and a magnetat the front end of the sleeve, wherein the floating sleeve is removablyreceivable over the tool bit in a first orientation with the magnetproximate the first working region and the retention mechanism receivedin the first torsion zone such that the floating sleeve may move betweena first forward position in which the retention mechanism abuts thefirst shoulder and the magnet is able to engage a fastener being drivenby the first working region and a first rearward position in which theretention mechanism abuts the second shoulder and the magnet isretracted relative to the first working region.
 12. The tool bit systemof claim 11, wherein the diameter of the intermediate portion issubstantially the same as a diameter of the first shank portion.
 13. Thetool bit system of claim 11, wherein the first and second torsion zoneshave substantially equal length.
 14. The tool bit system of claim 11,wherein the tool bit further comprises a second working region disposedat a second end of the shaft and configured to drive a fastener and asecond shank portion disposed proximate the first end of the shaft andconfigured to couple the tool bit to a power tool.
 15. The tool bitsystem of claim 14, wherein the second shank portion is disposed betweenthe first working region and the first torsion zone and the first shankportion is disposed between the second working region and the secondtorsion zone.
 16. The tool bit system of claim 14, wherein the floatingsleeve is removably receivable over the tool bit in a second orientationwith the magnet proximate the second working region and the retentionmechanism received in the second torsion zone such that the floatingsleeve may move between a second forward position in which the retentionmechanism abuts the fourth shoulder and the magnet is able to engage afastener being driven by the second working region and a second rearwardposition in which the retention mechanism abuts the third shoulder andthe magnet is retracted relative to the second working region.
 17. Thetool bit assembly of claim 11, wherein the retention mechanism comprisesat least one ball received in at least one window in the floating sleeveand a spring band received in an annular recess in the sleeve, thespring band biasing the at least one ball radially inward toward thetool bit.
 18. The tool bit assembly of claim 11, wherein the magnetcomprises a ring-shaped magnet.
 19. The tool bit assembly of claim 11,wherein the first shank portion, the intermediate portion, and at leasta portion of the first working end region each have a polygonalcross-section of a diameter that is greater than the diameters of thefirst and second torsion zones.
 20. The tool bit assembly of claim 11,wherein the intermediate portion comprises a first large diameterintermediate portion adjacent the first torsion zone, a second largediameter intermediate portion adjacent the second torsion zone and athird reduced diameter torsion zone disposed between the first andsecond large diameter intermediate portions.
 21. A tool bit for drivinga fastener comprising: a shaft with a front end and a rear end; aworking region disposed at the front end and configured to drive afastener; a shank portion disposed at the rear end and configured tocouple the shaft to a power tool; a first reduced diameter torsion zonedisposed in the shaft proximate the working region and configured toreduce stresses and breakage in the shaft; and a second distinct reduceddiameter torsion zone disposed in the shaft proximate the shank portionand configured to reduce stresses and breakage in the shaft.
 22. Thetool bit of claim 21, further comprising an intermediate portion oflarger diameter than the first and second torsion zones disposed in theshaft between the first and second torsion zones.
 23. The tool bit ofclaim 21, wherein the first and second torsion zones have substantiallythe same length.
 24. The tool bit of claim 21, wherein the first andsecond torsion zones have different lengths.
 25. The tool bit of claim21, wherein the first torsion zone is configured to removably receiveand retain a floating magnet sleeve so that the sleeve can move axiallybetween a front end and a rear end of the first torsion zone.
 26. Thetool bit of claim 21, wherein the shank portion has a polygonalcross-section and the first and second torsion zones have roundcross-sections.